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Abu Dhabi National Energy Company PJSC (TAQA), being one of Europe's, the Middle East's, and Africa's largest listed incorporated utility firms, has signed a (MoU) to explore the possibility of becoming a shareholder in a project aimed at developing a 900km high-voltage direct current (HVDC) electricity interconnection between Greece and Cyprus. TAQA will join Greece's transmission system operator (TSO), the Independent Power Transmission Operation of Greece (IPTO), and the Cyprus Government as shareholders in the Great Sea Interconnector project, which is projected to cost around €1.9 billion to build.
In the presence of George Papanastasiou, Cyprus Minister of Energy, Commerce, and Industry, Manos Manousakis, IPTO President and CEO, and Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, a signing ceremony was held at the 28th United Nations Conference of the Parties (COP28) to the UNFCCC in Dubai.
The projected 900-kilometer power link between Greece and Cyprus is expected to eliminate Cyprus's energy isolation, boost energy security in the Eastern Mediterranean, and promote renewable energy growth. To advance sustainable energy development and trade to Cyprus, Greece, and the rest of the European Union (EU). Cyprus and Greece have among Europe's strongest renewable energy potential for solar and onshore and offshore wind power generation, making the two nations perfect candidates for this type of project.
George Papanastasiou, Minister of Energy, Commerce, and Industry of the Republic of Cyprus stated "The Government of Cyprus welcomes the MoU with IPTO and TAQA, which entails an additional, pivotal milestone towards the realisation of the electricity interconnection between Cyprus and Greece," The link is important for Cyprus as an EU Project of Common Interest that has already been accepted for a 657 million euro grant from the "Connecting Europe Facility."
The project's promoter, IPTO, plans to implement a 5 billion euro (AED 19 billion) development strategy by the end of the decade. It features not just a network of interconnected Greek islands, but also a network of multinational linkages that operate as an accelerator for the energy transition. "The agreement we signed highlights the significant investor interest in IPTO's project, which will now be referred to as the Great Sea Interconnector." "The most mature section, the interconnection between Greece and Cyprus, is entering development, beginning with the subsea cable, which will be built by Nexans," stated Manos Manousakis, IPTO Chief.
Read the full press release here- https://www.taqa.com/press-releases/taqa-the-ministry-of-energy-commerce-and-industry-of-cyprus-and-the-independent-power-transmission-operator-sign-mou-for-greece-cyprus-hvdc-interconnection-project/
